Grenada
-
Caribbean governments announce transfer of BAICO business to Sagicor
ST GEORGE’S, Grenada, CMC – Eastern Caribbean governments Wednesday said they had finalised an agreement allowing for the transfer of British-American Insurance Company Limited (BAICO) traditional insurance business to Saigicor. In June last year, the government grouped under the Eastern Caribbean Currency Union (ECCU) said they would provide funding to assist in restoring value to the transferring policies as they…
Read More » -
World Bank suspends funds to Grenada
ST. GEORGE’S, Grenada, CMC – The World Bank has suspended disbursements to Grenada after seven loan defaults in February. The Washington based financial institution said no new loans would be issued to Grenada unless the island makes good on the overdue payments amounting to US$750,000. The payments were due on February 15 February and the World Bank has written to…
Read More » -
Government to present “holding budget” to parliament next month
ST. GEORGE’S, Grenada, CMC – The newly elected Grenada government of Prime Minister Dr. Keith Mitchell will present a “holding budget” to Parliament next month. Economic Development Minister Oliver Joseph said that the Estimates of Revenues and Expenditure for 2013 are expected to be presented in mid April and that public consultations will be held with sectoral groups as part…
Read More » -
Canada helping Grenada develop nutmeg industry
ST. GEORGE’S, Grenada, CMC – The Canadian government says it is assisting Grenada overcome the challenges facing the nutmeg industry. It said together with the St. George University, it has adopted a two phase approach to the improving the production of nutmeg, a process that has seen virtually no technological change over time. It said the first phase, which lessened…
Read More » -
Major credit rating agency says Grenada default has negative implications for ECCU
NEW YORK, CMC – A major international credit rating agency says the liquidity crisis leading to Grenada’ default on its US and Eastern Caribbean (EC) dollar bonds is “credit negative” for the country and elevates the risk of distress spilling over to member countries in the Eastern Caribbean Currency Union (ECCU). The newly-elected Dr. Keith Mitchell administration in Grenada said…
Read More » -
Grenada to join debt restructuring club
KINGSTON, Jamaica – GRENADA plans to commence talks with its creditors to restructure its EC$2.2- billion public debt. Rising interest payments in the face of falling revenue and a high wage bill has prompted the government to miss an interest payment due this month. It is the second time that it has been faced with an interest payment that it…
Read More » -
Former prime minister remains at helm of opposition party
ST. GEORGE’S, Grenada, CMC – Less than a month after he was voted out of office, former prime minister Tillman Thomas remains at the helm of the now opposition National Democratic Congress (NDC). Party officials who met recently to discuss the outcome of the February 19 general election which saw the NDC trounced 15-nil by the New National Party (NNP),…
Read More » -
UPDATE-CARIBBEAN-POLITICS-Grenada says it has met its financial obligations to United Nations
ST.GEORGE’S, Grenada, CMC – Grenada says it has paid in full the arrears owed to the United Nations and as a result has regained its voting rights at the international body. Grenada was listed among three Caribbean Community (CARICOM) governments owing the United Nations, according to a January 15 letter UN Secretary General Ban Ki-moon sent to the President of…
Read More » -
Grenada opens up for business
PORT OF SPAIN, Trinidad – Dr Patrick Antoine, the chief economic advisor to the new Grenada Government, yesterday declared the island was open again after Tuesday’s general election at which the New National Party, led by Prime Minister Keith Mitchell, won all 15 of the constituencies. Speaking on his way to yesterday’s swearing-in ceremony, Antoine said the main challenge facing…
Read More »